Blog - Details

10-point Vision for the decade

• Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.
• Achieving green Mother Earth and Blue Skies through a pollution-free India.
• Making Digital India reach every sector of the economy.
• Launching Gaganyan, Chandrayan, other Space and Satellite programmes.
• Building physical and social infrastructure.
• Water, water management, clean rivers.
• Blue Economy.
• Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.
• Achieving a healthy society via Ayushman Bharat, well-nourished women & children, safety of citizens.
• Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.

Vision for $5 Trillion economy

• Indian economy to become a 3 trillion dollar economy in the current year. Government aspires to make India a 5 trillion dollar economy.

Pradhan Mantri Karam Yogi Maandhan Scheme

• Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore.
• Rs. 350 crore allocated for FY 2019-20 for 2% interest subvention to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.

Strengthening connectivity Infrastructure

• Pradhan Mantri Gram Sadak Yojana, Industrial Corridors, Dedicated Freight Corridors, Bhartamala and Sagarmala projects, Jal Marg Vikas and UDAN Schemes.
• Rs. 50 lakh crore investment needed in Railway Infrastructure during 2018-2030.
• 657 kilometers of Metro Rail network has become operational across the country.
• Outlay of Rs. 10,000 crore for 3 years approved for Phase-II of FAME Scheme.
• Navigational capacity of Ganga to be enhanced via multi modal terminals at Sahibganj and Haldia and a navigational lock at Farakka by 2019-20, under Jal Marg Vikas Project.
• Power at affordable rates to states ensured under One Nation, One Grid?

Assurance Yojana (UDAY)

• Reform measures to be taken up to promote rental housing.
• Model Tenancy Law to be finalized and circulated to the states.

Measures to enhance the sources of capital for infrastructure financing:

• Credit Guarantee Enhancement Corporation to be set up in 2019-2020.

Measures to deepen bond markets:

• Stock exchanges to be enabled to allow AA rated bonds as collaterals.

Social stock exchange:

• Listing social enterprises and voluntary organizations.
• To raise capital as equity, debt or as units like a mutual fund.
• SEBI to consider raising the threshold for minimum public shareholding in the listed companies from 25% to 35%.

Measures to make India a more attractive FDI destination

• FDI in sectors like aviation, media (animation, AVGC) and insurance sectors can be opened further after multi-stakeholder examination.
• Insurance Intermediaries to get 100% FDI.
• FPIs to be permitted to subscribe to listed debt securities issued by ReITs and InvITs.
• Cumulative resources garnered through new financial instruments like Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs) as well as models like Toll-Operate-Transfer (ToT) exceed Rs. 24,000 crore.

Direct Taxes

• Tax rate reduced to 25% for companies with annual turnover up to Rs. 400 crore.
• Surcharge increased on individuals having taxable income from Rs. 2 crore to Rs. 5 crore and Rs. 5 crore and above.
• ?India's Ease of Doing Business ranking under the category of paying taxes? jumped from 172 in 2017 to 121 in the 2019.
• Direct tax revenue increased by over 78% in past 5 years to Rs. 11.37 lakh crore.

Tax Simplification and Ease of living - making compliance easier by leveraging technology

• Interchangeability of PAN and Aadhaar
• Pre-filling of Income-tax Returns for faster, more accurate tax returns.
• Faceless e-assessment with no human interface to be launched.

Affordable housing

• Additional deduction up to Rs. 1.5 lakhs for interest paid on loans borrowed up to 31st March, 2020 for purchase of house valued up to Rs. 45 lakh. Overall benefit of around Rs. 7 lakh over loan period of 15 years.

Boost to Electric Vehicles

• Additional income tax deduction of Rs. 1.5 lakh on interest paid on electric vehicle loans. Customs duty exempted on certain parts of electric vehicles.

Other Direct Tax measures

• Simplification of tax laws to reduce genuine hardships of taxpayers.
• Appropriate class of persons exempted from the anti-abuse provisions of Section 50CA and Section 56 of the Income Tax Act.

Indirect Taxes

Make In India

• Basic Customs Duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera etc.
• 5% Basic Custom Duty imposed on imported books

Defence

• Defence equipment not manufactured in India exempted from basic customs duty.

Grameen Bharat / Rural India

• Ujjwala Yojana and Saubhagya Yojana have transformed the lives of every rural family, dramatically improving ease of their living.

Pradhan Mantri Awas Yojana – Gramin (PMAY-G) aims to achieve "Housing for All" by 2022: Eligible beneficiaries to be provided 1.95 crore houses with amenities like toilets, electricity and LPG connections during its second phase (2019-20 to 2021-22).

Pradhan Mantri Matsya Sampada Yojana (PMMSY) A robust fisheries management framework through PMMSY to be established by the Department of Fisheries.

Pradhan Mantri Gram Sadak Yojana (PMGSY)

• Target of connecting the eligible and feasible habitations advanced from 2022 to 2019 with 97% of such habitations already being provided with all weather connectivity.
• 30,000 kilometers of PMGSY roads have been built using Green Technology, Waste Plastic and Cold Mix Technology
• 1,25,000 kilometers of road length to be upgraded over the next five years under PMGSY III with an estimated cost of Rs. 80,250 crore.

Swachh Bharat Abhiyan

• 9.6 crore toilets constructed since Oct 2, 2014. More than 5.6 lakh villages have become Open Defecation Free.

India's water security

• New Jal Shakti Mantralaya to look at the management of our water resources and water supply in an integrated and holistic manner.
• Jal Jeevan Mission to achieve Har Ghar Jal (piped water supply) to all rural households by 2024.
• 1592 critical and over exploited Blocks spread across 256 District being identified for the Jal Shakti Abhiyan.

Pradhan Mantri Gramin Digital Saksharta Abhiyan

• Over two crore rural Indians made digitally literate

Shahree Bharat/Urban India

• Pradhan Mantri Awas Yojana – Urban (PMAY-Urban)- Over 81 lakh houses with an investment of about Rs. 4.83 lakh crore sanctioned of which construction started in about 47 lakh houses 26 lakh houses completed of which nearly 24 lakh houses delivered to the beneficiaries.

Youth

New National Education Policy- National Research Foundation (NRF) proposed

• Rs. 400 crore provided for “World Class Institutions”, for FY 2019-20, more than three times the revised estimates for the previous year.

Banking and Financial Sector

• NPAs of commercial banks reduced by over Rs. 1 lakh crore over the last year.
• Record recovery of over Rs. 4 lakh crore effected over the last four years.
• Rs. 70,000 crore proposed to be provided to PSBs to boost credit.
• Target of Rs. 1, 05,000 crore of disinvestment receipts set for the FY 2019-20

Digital Payments

• TDS of 2% on cash withdrawal exceeding Rs. 1 crore in a year from a bank account.

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